The European Commissioner for Financial Services has reportedly urged US lawmakers to establish new rules to regulate the crypto industry.” We need to see other players also legislate … We need to see global regulation of crypto,” the commissioner said.
EU Commissioner Calls on US Lawmakers to Establish New Crypto Rules
European Commissioner for Financial Services Mairead McGuinness spoke about cryptocurrency regulation in an interview with the Financial Times published Tuesday.
Referring to the Markets in Crypto-Assets (MiCA) bill, which provides a regulatory framework for crypto in European Union countries, she stressed that the regulations imposed on the crypto industry need to be global in order to work. The Commissioner elaborated.
Other players also need to legislate… Perhaps differently, but with the same objective … … We need to consider global regulation of crypto…
McGuinness urged U.S. lawmakers to “create sweeping new rules to govern the crypto industry,” the publication explained, and she warned that digital assets could pose a threat to financial stability if left to grow unregulated It added.
During a recent trip to Washington, D.C., McGuinness met with several U.S. lawmakers pushing legislation in Congress to regulate the crypto industry, including Rep. Patrick McHenry (R-NC) and Sen. Kirsten Gillibrand (D-NY) We met with.
The House of Representatives passed a bill titled the “Eliminate Barriers to Innovation Act” introduced by McHenry last April. It would require the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to “establish a working group to focus on digital assets. “McHenry has repeatedly criticized the SEC for regulating the crypto sector through enforcement. Senator Gillibrand and pro-bitcoin Senator Cynthia Lummis introduced a comprehensive crypto bill in June entitled the Lummis-Gillibrand Responsible Financial Innovation Act.
McGuinness said she was encouraged by her meetings with U.S. lawmakers and believes U.S. politicians are “moving in the same direction” as EU politicians. Nevertheless, she urged caution.” There is a lot of concern about (what) will happen at the European level if crypto is not regulated.” The Financial Services Commissioner noted that.
financial stability issues could arise – in time, if it grows. There are also issues for investors over lack of certainty.
Meanwhile, India’s finance minister has called on the International Monetary Fund (IMF) to take a leading role in regulating crypto assets. The Indian government plans to discuss crypto regulation with G20 members during India’s presidency. The Finance Minister said that India hopes to arrive at a technology-driven regulatory framework for crypto.
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